U.S. stocks close higher to end best week this year

NEW YORK, Nov. 8 (Xinhua) — U.S. stocks closed out their strongest week of the year on Friday, with the S&P 500 briefly touching the 6,000 mark amid a rally driven by Donald Trump’s presidential win and the Federal Reserve’s recent rate cut.
The Dow Jones Industrial Average rose 259.65 points, or 0.59 percent, to 43,988.99. The S&P 500 added 22.44 points, or 0.38 percent, to 5,995.54. The Nasdaq Composite Index increased 17.32 points, or 0.09 percent, to 19,286.78.
Eight of the 11 primary S&P 500 sectors ended in green, with utilities and real estate leading the gainers by adding 1.79 percent and 1.66 percent, respectively. Meanwhile, materials and communication services led the laggards by losing 0.91 percent and 0.66 percent, respectively.
Friday’s gains extended this week’s massive rally sparked by Trump’s White House victory on Wednesday. “The Trump rally isn’t over with stocks reaching fresh all-time highs as investors look ahead to tax cuts, deregulation, and Made in America policies to power future gains,” said José Torres, senior economist at Interactive Brokers.
In notable index changes, Nvidia joined the Dow, taking Intel’s place as the struggling chipmaker slipped slightly in late trading. Paint company Sherwin-Williams also joined the Dow, replacing chemical giant Dow Inc.
Meanwhile, Chinese stocks traded in the United States declined. The iShares MSCI China ETF fell over 5 percent, with major Chinese companies like PDD Holdings, JD.com, Alibaba, and Li Auto seeing drops.
Looking ahead, after a series of market highs following Trump’s win, investors are expected to turn their attention to upcoming economic data next week for insights into the state of the economy. ■